American households with teens are reining in spending this year on prom to $978 – 14% less than last year's $1,139 – according to a new nationwide survey released by Visa Inc. To help combat the high cost of prom, Visa launched a free smartphone app that helps teens and parents budget for every prom-related expense.

The survey results are based on 2,033 telephone interviews conducted nationally from July 16-19 and August 6-9, 2015, in cooperation with ORC International’s Omnibus Service “Telephone Caravan." View research.